1$ Equal #440 Today, An Evidence That Buhari Is A Failure - Politics (3)

1$ Equal #440 Today, An Evidence That Buhari Is A Failure - Politics (3) - Nairaland

Nairaland Forum › Nairaland General › Politics › 1$ Equal #440 Today, An Evidence That Buhari Is A Failure (7903 Views)

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by 9jalyte: 2:25pm On Feb 26, 2017

ezenaija:
You speak out of ignorance.
The pressure on Naira is chiefly caused by
*Dwindling oil prices(oil being our core forex earner).
*Depleted external reserve(FOREIGN RESERVE, EXCESS CRUDE ACCOUNT was depleted from $65b to $30b by GEJ's govt inspite of 4years of oil boom @ average of $100per barrel and 2.2million barrels per day).
The price of oil began to drop in 2014 under GEJ which caused the governmebt then to warn us to prepare for the hardship ahead.
Oil prices dropped as low as $28 per barrel and export down to less than 1.5m barrels per day which reduced Nigeria's income and forex earnings by upto 70%.

In the past 3months,the gradual rise of oil prices,,export quantity and good management of the Reserve has seen it rise from below $25billion in Dec 2016 to $30billion last week.
With rising forex earnings, the government can now afford to ease off some tightened ends which if not tightened could have worsened the pressure on Naira.
THE RULES OF THE GAME IS SIMPLE:

HIGH FOREIGN RESERVE + RISING FOREX EARNINGS = REDUCED PRESSURE ON NAIRA
LOW FOREIGN RESERVE + LOW FOREX EARNINGS = INCREASED PRESSURE ON NAIRA

GEJ'S CRIME WAS TO EARN SO MUCH DURING OIL BOOM,YET FAILED TO BUILD UP THE RESERVE. RATHER HE LOOTED IT TO A LOW AND STILL BORROWED HEAVILY. THIS DOES NOT MAKE SENSE IN ECONOMICS ACCORDING TO ECONOMISTS

Chai, this spell is strong. So tell me, how much was Dollars to Naira when Crude was selling at $20 per barrel and our dept profile was as it's highest and so called external reserve lowest. I am talking about around 1999 to early 2000 and during Yaradua's regime. Truth, when lies are told over and over again, it begins to sound like truth even to those peddling the lies. Wake up and purge your self of the spell spinning your head.

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by 9jalyte: 2:26pm On Feb 26, 2017

ezenaija:
You speak out of ignorance.
The pressure on Naira is chiefly caused by
*Dwindling oil prices(oil being our core forex earner).
*Depleted external reserve(FOREIGN RESERVE, EXCESS CRUDE ACCOUNT was depleted from $65b to $30b by GEJ's govt inspite of 4years of oil boom @ average of $100per barrel and 2.2million barrels per day).
The price of oil began to drop in 2014 under GEJ which caused the governmebt then to warn us to prepare for the hardship ahead.
Oil prices dropped as low as $28 per barrel and export down to less than 1.5m barrels per day which reduced Nigeria's income and forex earnings by upto 70%.

In the past 3months,the gradual rise of oil prices,,export quantity and good management of the Reserve has seen it rise from below $25billion in Dec 2016 to $30billion last week.
With rising forex earnings, the government can now afford to ease off some tightened ends which if not tightened could have worsened the pressure on Naira.
THE RULES OF THE GAME IS SIMPLE:

HIGH FOREIGN RESERVE + RISING FOREX EARNINGS = REDUCED PRESSURE ON NAIRA
LOW FOREIGN RESERVE + LOW FOREX EARNINGS = INCREASED PRESSURE ON NAIRA

GEJ'S CRIME WAS TO EARN SO MUCH DURING OIL BOOM,YET FAILED TO BUILD UP THE RESERVE. RATHER HE LOOTED IT TO A LOW AND STILL BORROWED HEAVILY. THIS DOES NOT MAKE SENSE IN ECONOMICS ACCORDING TO ECONOMISTS

Chai, this spell is strong. So tell me, how much was Dollars to Naira when Crude was selling at $20 per barrel and our dept profile was as it's highest and so called external reserve lowest. I am talking about around 1999 to early 2000 and during Yaradua's regime. Truth, when lies are told over and over again, it begins to sound like truth even to those peddling the lies. Wake up and purge your self of the spell spinning your head.

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by 9jalyte: 2:37pm On Feb 26, 2017

PassingShot:
[s][/s]
You obviously read too much fake news.

No need to engage someone who doesn't even know that a president who admitted to existence of subsidy cabals but couldn't do anything with them IS A COLOSSAL FAILURE is not worth my time.

Good day!

Gentle man, take it easy or you will have hearth attack. The way you have been vibrating on "GEJ" for too long, I don't know what to call it. Check your self, something is causing this bitterness, just like typical of weak men, they find someone/something to blame. Why don't you refute what he said that GEJ set up machinaries and policies to stop the so called corruption and you stopped him. If he had acted draconian, you would have called him the most insensitive president. It is good he left it for Nigerians to learn through the hard way. You will dissipate all your energy trying to rubbish the man, but he will continue to shine. You have to continually deal with the fact that you were wrong and your choice contributed in putting Nigeria in this mess.

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by PassingShot(m): 2:40pm On Feb 26, 2017

[s]

9jalyte:
Gentle man, take it easy or you will have hearth attack. The way you have been vibrating on "GEJ" for too long, I don't know what to call it. Check your self, something is causing this bitterness, just like typical of weak men, they find someone/something to blame. Why don't you refute what he said that GEJ set up machinaries and policies to stop the so called corruption and you stopped him. If he had acted draconian, you would have called him the most insensitive president. It is good he left it for Nigerians to learn through the hard way. You will dissipate all your energy trying to rubbish the man, but he will continue to shine. You have to continually deal with the fact that you were wrong and your choice contributed in putting Nigeria in this mess.

[/s]

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by 4Play(m): 3:22pm On Feb 26, 2017*

ezenaija:
I
The road to AVOIDING this current economic situation was paved from 2003 when under OBJ, the beefing up of the External Reserves was made a core policy. Within 4 years,selling oil @ avereged price below $50 per barrel and less than 2 million barrels per day,that govt grew the Reserve to over $65 Billion. We paid Paris Club debt from it and it carried us through the short period of global financial crisis of 2008-2009.
Then came Jonathan He met $45 billion in this Reserve and $20 billion in Excess Crude Account. Under him oil prices averaged about $100 per barrel and 2.2 million per day. If he continued with the policy to prepare Nigeria for the rainy day, NIGERIA'S FOREIGN RESERVE WOULD HAVE BEEN BETWEEN $112 - 118 BILLION AS AT DECEMBER 2014 ACCORDING TO PROF CHARLES SOLUDO's ARTICLE ON THIS SUBJECT IN JANUARY 2015.

But instead of increasing the amount to $112 - $118 Billion, we had only $28 Billion in the Reserve and Excess Crude Account had disappeared. No other President is responsible for the economic hardship in Nigeria now than GOODLUCK EBELE JONATHAN!

Mr Paid Poster, walk me through your argument. Let's ignore the non-factual assertions (excess crude account was circa $7bn in December 2009 for instance) and critically examine the soundness of this oft-repeated argument.

So GEJ spent/looted all the money which could have accrued as forex reserve? By your calculation of $118bn as at December 2014, the looted amount is circa $80bn (difference between $118bn and circa $38bn forex reserves at the time). Had this not happened, Nigeria would have avoided the current economic situation. But such argument/assertion raises more questions than answers and I thought I draw your attention to a few of them as follows:

1) Why hasn't there been a commission of inquiry to investigate what amounts to the theft of the equivalent of 3 years of the FG's yearly budget?

2) Where was the CBN governor, Sanusi, when $80bn disappeared as management of the forex reserves is the remit of the CBN and not the president? If the answer is that Sanusi did try to raise alarm such as the $20bn claim, what investigation has been conducted since May 2015 concerning the $20bn claim?

3) Re 2) above, if the problem was non-remittance of oil proceeds to Nigeria, why would the drop of oil price from $100 p/b to $50 p/b today cause such an adverse shock today when we have a new anti-corruption government in place? If oil proceeds were not being remitted to Nigeria ab initio, a drop in oil price today won't make much of a difference (assuming this present govt isn't stealing as much as the past govt) as the Nigerian economy was not affected to any significant degree by the high oil price. The looting would have had a "sterilising effect" on the positive impact of high oil prices.

4) Supposing Nigeria had forex reserves of $100bn in 2015, what do you think the impact on the currency market would be? If a speculator wants to hedge their Naira exposure, what constraints would effectively stop him/her from purchasing as much dollars as possible? The point of this question is that no matter how sizeable your forex reserves are, all currencies are subject to the potential of depreciation driven by speculative activity. In 2008/09, Nigeria spent $30bn defending the Naira - which fell from N90 to N150 within a year: what then is the additional $80bn going to achieve in a slump which is now almost 3 years old with no end in sight?

5) Sanusi was reported to have spent $100bn over 4 years in keeping the Naira at <N160 to the $1. Do you think that was a wise move and how do you reconcile this with your suggestion that GEJ spent/stole $80bn which would have rescued us from today's economic malaise?

The more you think through this argument that today's problems are largely as a result of GEJ chopping all the money, the less convincing it sounds. Here is my own take on what happened.

Nigeria squandered its oil bonanza on consumption goods which the FG facilitated via public sector wage increases and fuel subsidy. These increased domestic consumption unsustainably and because most of our goods are imported, meant that money fled the country via the import channel. The CBN - Sanusi and Emefiele later - worsened matters by insisting on accommodating this import binge with its policy of keeping the Naira at a stable rate instead of allowing it to depreciate at the time. Depreciation would have let some air out by reducing the import bill and preserving forex reserves.

Had my suggestion been followed, going into the 2014/15 oil price collapse, Nigeria would have had a lower import bill, higher forex reserves and the Naira would have started its fall at circa N200-250 to $1. This would have smoothed the impact and curtailed speculative activity.

It must be borne in mind that no matter the size of the forex reserves stockpile, speculative activity can drain it with devastating speed if conditions permit (Think of the $30bn that evaporated under Soludo within a year). Permissible conditions would be a high exchange rate (N155 to $1 was too high in the first place) and a loss of business confidence which Buhari's statist policies facilitate.

I will repeat this as it is a lesson Nigerians have failed to imbibe: Nigeria's key errors are policy errors and the corruption story pales in significance. Yes, the GEJ government was extremely corrupt but the corruption aspect is exaggerated for effect. The real failing was the decision to triple public sector wages, to cave in to the pro-fuel subsidy protest and the CBN's insistence on maintaining a stable exchange rate. The real tragedy here is that these policy missteps were popular at the time.

What the government ought to concentrate on is improving investor confidence and attracting forex inflows into the country. This is why Buhari's statist policies have made matters worse as they have the opposite effect. Attributing our difficulties almost entirely to GEJ's failure to save sufficient forex reserves for the Buhari government is an exercise in delusion.

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Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by 7lives: 4:29pm On Feb 26, 2017

ezenaija:
You speak out of ignorance.
The pressure on Naira is chiefly caused by
*Dwindling oil prices(oil being our core forex earner).
*Depleted external reserve(FOREIGN RESERVE, EXCESS CRUDE ACCOUNT was depleted from $65b to $30b by GEJ's govt inspite of 4years of oil boom @ average of $100per barrel and 2.2million barrels per day).
The price of oil began to drop in 2014 under GEJ which caused the governmebt then to warn us to prepare for the hardship ahead.
Oil prices dropped as low as $28 per barrel and export down to less than 1.5m barrels per day which reduced Nigeria's income and forex earnings by upto 70%.

In the past 3months,the gradual rise of oil prices,,export quantity and good management of the Reserve has seen it rise from below $25billion in Dec 2016 to $30billion last week.
With rising forex earnings, the government can now afford to ease off some tightened ends which if not tightened could have worsened the pressure on Naira.
THE RULES OF THE GAME IS SIMPLE:

HIGH FOREIGN RESERVE + RISING FOREX EARNINGS = REDUCED PRESSURE ON NAIRA
LOW FOREIGN RESERVE + LOW FOREX EARNINGS = INCREASED PRESSURE ON NAIRA

GEJ'S CRIME WAS TO EARN SO MUCH DURING OIL BOOM,YET FAILED TO BUILD UP THE RESERVE. RATHER HE LOOTED IT TO A LOW AND STILL BORROWED HEAVILY. THIS DOES NOT MAKE SENSE IN ECONOMICS ACCORDING TO ECONOMISTS

Simple as ABC, God bless you.

1 Like

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by obaloppelujo(m): 4:33pm On Feb 26, 2017

There's no advocacy that could save gej from being the worst president ever liveth . Anything osinbajo achieve as a feat for pmb . Have you guys started loving Apc and yoruba ( your worst nightmare ? )

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by ezenaija(m): 5:10pm On Feb 26, 2017

9jalyte:
Chai, this spell is strong. So tell me, how much was Dollars to Naira when Crude was selling at $20 per barrel and our dept profile was as it's highest and so called external reserve lowest. I am talking about around 1999 to early 2000 and during Yaradua's regime. Truth, when lies are told over and over again, it begins to sound like truth even to those peddling the lies. Wake up and purge your self of the spell spinning your head.

You have not asked any reasonable question.
You question is akin to asking "Was my Dad not earning as low as N20,000 as a banker in 1995 and could buy a car, paid 3-bedroom flat rent and sent us to private schools and you claim N50,000 income now is the reason why a family is struggling?" Wouldn't that be an unreasonable assertion to make my friend? Check the size of our recurrent expenditure in 2000 and 2009 and understand the difference. Also check our national import bill and our trade balance with trading partners. You can look at the national wage bill and others Bro. Check them and come back.

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by Ken4Christ: 5:22pm On Feb 26, 2017

Success in leadership has a spiritual undertone. Buhari is badlock. He may have the right policy but it won't work if he is the one in charge. Only God knows the spiritual crimes he may have committed that is attracting retrogression in his leadership role.

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by ezenaija(m): 10:04pm On Feb 26, 2017

denko:
The only way to defend buhari and make it real is to bring in GEJ, for god sake this man has gone 2 years ago and you are here still blaming buhari incompetence on him

Even Okonjo-Iweala in November 2014 and Prof Soludo in January 2015 stated that the economic hardship shall happen and prepared our minds to ready for the it. Only an ignorant person blames it on Buhari

1 Like

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by denko(m): 10:23pm On Feb 26, 2017

Buhari is empty

ezenaija:
Even Okonjo-Iweala in November 2014 and Prof Soludo in January 2015 stated that the economic hardship shall happen and prepared our minds to ready for the it. Only an ignorant person blames it on Buhari

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by ivandragon: 5:54am On Feb 28, 2017

ezenaija:
Another empty brain submission.
The reason Jonathan is mentioned is simple..
HE PRESIDED OVER THE GREATEST OIL BOOM IN THE HISTORY OF THE COUNTRY, YET HE WAS ALREADY BORROWING TO PAY WORKERS SALARIES BEFORE HAND OVER. NEITHER OBJ, ABDULSALAM OR IBB WENT THAT LOW.
OBJ handed over a healthy economy irrespective of whatever you accuse him of.. If you have to preside over corruption, don't eat up all you earned, borrowing heavily and drawing down the available savings.
GOVERNORS INSISTED ON SHARING OF THE
EXCESS CRUDE ACCOUNT BECAUSE JONATHAN AND OKONJO-IWEALA BEGAN TO SECRETLY DRAW FROM IT WITHOUT THEIR CONSENT, KNOWLEDGE. JONATHAN AND OKONJO-IWEALA HAD SPENT ABOUT $2 - 4 BILLION FROM THERE SECRETLY AND GOVERNORS REALIZED JONATHAN COULD NOT BE TRUSTED WITH THE MONEY BECAUSE OF HIS ITCHY FINGERS. Are you ignorant of this fact?

you kids are just simply too dull & cast in your blind ways.

go & do research on other regimes to gain a better understanding of the Nigerian system rather than letting propagandist pollute your little brains.

as for the excess crude oil account matter, Reno has succinctly addressed what those who are willingly to do research have always known.

bottom line is, there was surely corruption under GEJ, but it has been blown own of proportion & rather than opening your little mind to see/research beyond the 'noise', you simply regurgitate the trash & spew it out as gospel truth...

shouting corruption up & down as if it was not this same PMB who in 1984 allowed an Emir smuggle in over 50 bags of looted funds in Nigeria or the same PMB that said Abacha didn't steal or the same PMB that cannot account for revenues since June 2015....

well, I leave you to your ignorance.

2 Likes

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by ivandragon: 5:58am On Feb 28, 2017

PassingShot:
I hope you learn a lesson. Behave well when you return.

I do not live for Nairaland so a ban is nothing.

You got the mod to ban me, then call out your fellow Social Media I****s to take potshots at me knowing I can't respond to the twisted analyses you all like to throw up. Shows how unfair you all are because you know I will continue to blow your perverted analyses & expose your shallow premises.

& to the mods, if you are going to ban someone, then do not allow people quote the banned person's comments. Its unfair & smacks of mischief.

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by bayelsaowei(m): 5:59am On Feb 28, 2017

ezenaija:
Even Okonjo-Iweala in November 2014 and Prof Soludo in January 2015 stated that the economic hardship shall happen and prepared our minds to ready for the it. Only an ignorant person blames it on Buhari

so you people are still exonerating the old man..are you guys cursed or dull??

1 Like

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by bayelsaowei(m): 6:05am On Feb 28, 2017

ivandragon:
I do not live for Nairaland so a ban is nothing.

You got the mod to ban me, then call out your fellow Social Media I****s to take potshots at me knowing I can't respond to the twisted analyses you all like to throw up. Shows how unfair you all are because you know I will continue to blow your perverted analyses & expose your shallow premises.

& to the mods, if you are going to ban someone, then do not allow people quote the banned person's comments. Its unfair & smacks of mischief.

thats passingshot's modus operandi..rain him with abuses to expose his ignorance and foolishness which ofcourse he deserves,he then runs to the mods like a 2 year old kid... cheesy

thereafter you now see the MODS crawling out like snakes to ban a forumite..shame!!!...

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by bayelsaowei(m): 6:08am On Feb 28, 2017

7lives:
Simple as ABC, God bless you.

we are all happy that gej did not plunge nigeria into its poor state whilst living abroad spending our forex curing unknown illnesses..buhari is a compound failure and would always be...

If you robots can't still see the failure in buhari then I guess you must be compound failures just like your god buhari...

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by ivandragon: 6:13am On Feb 28, 2017

bayelsaowei:
thats passingshot's modus operandi..rain him with abuses to expose his ignorance and foolishness which ofcourse he deserves,he then runs to the mods like a 2 year old kid... thereafter you now see the MODS crawling out like snakes to ban a forumite..shame!!!...

very cowardly I must say.

he tries to dish out what he can't stomach...

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by PassingShot(m): 6:20am On Feb 28, 2017

ivandragon:
I do not live for Nairaland so a ban is nothing.

You got the mod to ban me, then call out your fellow Social Media I****s to take potshots at me knowing I can't respond to the twisted analyses you all like to throw up. Shows how unfair you all are because you know I will continue to blow your perverted analyses & expose your shallow premises.

& to the mods, if you are going to ban someone, then do not allow people quote the banned person's comments. Its unfair & smacks of mischief.

Kido, no one lives for Nairaland. I got banned for four months (October 2016 to Feb 2017) for an indirect insult.

As unfair and annoying as it was, I had to accept it and move on. During the ban, I was quoted and had all sort of tantrums thrown at me.

You were banned for probably 2-3 days and here you're back talking trash, using very offensive words for which you were banned. Are you really a tout in real life? If not, why do you have the urge to use words as "Idiots", "foolish" "stuupid" in your conversation?

You say you don't mind the ban, yet you show frustration all over your post!

The distorted word in the emboldened is an indication you're wired to be rude, insulting and above all a coward. If not, spell out all words and prove that you don't mind being banned.

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by ivandragon: 6:42am On Feb 28, 2017

PassingShot:
Kido, no one lives for Nairaland. I got banned for four months (October 2016 to Feb 2017) for an indirect insult.

As unfair and annoying as it was, I had to accept it and move on. During the ban, I was quoted and had all sort of tantrums thrown at me.

You were banned for probably 2-3 days and here you're back talking trash, using very offensive words for which you were banned. Are you really a tout in real life? If not, why do you have the urge to use words as "Idiots", "foolish" "stuupid" in your conversation?

You say you don't mind the ban, yet you show frustration all over your post!

The distorted word in the emboldened is an indication you're wired to be rude, insulting and above all a coward. If not, spell out all words and prove that you don't mind being banned.

& do you know how many times I have also been insulted?

when I came on Nairaland, I always tried to put my points across as civil as possible, but kids like you always resorted to infantile rants & so like a good parent would do to a child that doesn't listen to caution, I put you chaps over my knees & spank you because thats seems to be the only way you kids 'listen'...

for instance, why start your initial response to what I posted with 'crap'? you expect me to take such trash from a child like yourself?

why cross out my responses? don't you know its provocative? well, it also shows how low your IQ is...

so you see, you seem to be the one ingrained with the 'toutish' traits.

so I should spell out the words... so that you get me banned again then you & your fellows can come out to 'respond' & 'jubilate' cowardly?... lol... nice try boyo... nice try... but there are other reasonable individuals on Nairaland whose positions are more enlightening & I rather enjoying discussing with thank you...

if you are civil when you quote me, I will be civil when I respond, it's as simple as that...

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by PassingShot(m): 7:01am On Feb 28, 2017

[s]

ivandragon:
& do you know how many times I have also been insulted?

when I came on Nairaland, I always tried to put my points across as civil as possible, but kids like you always resorted to infantile rants & so like a good parent would do to a child that doesn't listen to caution, I put you chaps over my knees & spank you because thats seems to be the only way you kids 'listen'...

for instance, why start your initial response to what I posted with 'crap'? you expect me to take such trash from a child like yourself?

why cross out my responses? don't you know its provocative? well, it also shows how low your IQ is...

so you see, you seem to be the one ingrained with the 'toutish' traits.

so I should spell out the words... so that you get me banned again then you & your fellows can come out to 'respond' & 'jubilate' cowardly?... lol... nice try boyo... nice try... but there are other reasonable individuals on Nairaland whose positions are more enlightening & I rather enjoying discussing with thank you...

if you are civil when you quote me, I will be civil when I respond, it's as simple as that...

[/s]
Crap! cheesy

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by ivandragon: 7:05am On Feb 28, 2017

PassingShot:
[s][/s] Crap!

expected nothing less from a savant...

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by bayelsaowei(m): 7:35am On Feb 28, 2017

ivandragon:
very cowardly I must say.

he tries to dish out what he can't stomach...

exactly...they just can't stand abuses and criticism..they just want to continue in their folly and foolishness..as for me they can ban me a million times..dont give a shiiiit...when I come back I just continue with my abuses until their skulls are formatted..

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by ificatchmodeh: 9:30am On Feb 28, 2017

ezenaija:
You speak out of ignorance.
The pressure on Naira is chiefly caused by
*Dwindling oil prices(oil being our core forex earner).
*Depleted external reserve(FOREIGN RESERVE, EXCESS CRUDE ACCOUNT was depleted from $65b to $30b by GEJ's govt inspite of 4years of oil boom @ average of $100per barrel and 2.2million barrels per day).
The price of oil began to drop in 2014 under GEJ which caused the governmebt then to warn us to prepare for the hardship ahead.
Oil prices dropped as low as $28 per barrel and export down to less than 1.5m barrels per day which reduced Nigeria's income and forex earnings by upto 70%.

In the past 3months,the gradual rise of oil prices,,export quantity and good management of the Reserve has seen it rise from below $25billion in Dec 2016 to $30billion last week.
With rising forex earnings, the government can now afford to ease off some tightened ends which if not tightened could have worsened the pressure on Naira.
THE RULES OF THE GAME IS SIMPLE:

HIGH FOREIGN RESERVE + RISING FOREX EARNINGS = REDUCED PRESSURE ON NAIRA
LOW FOREIGN RESERVE + LOW FOREX EARNINGS = INCREASED PRESSURE ON NAIRA

GEJ'S CRIME WAS TO EARN SO MUCH DURING OIL BOOM,YET FAILED TO BUILD UP THE RESERVE. RATHER HE LOOTED IT TO A LOW AND STILL BORROWED HEAVILY. THIS DOES NOT MAKE SENSE IN ECONOMICS ACCORDING TO ECONOMISTS

My brother,this lots are ignorant. They're trying to use social media to kill buhari and replace him with Osibanjo.. but funny how nigerians sees through this deceit.

See them plenty for here the abuse the same man wey the package oh..come sell to nigerians..

Never ever trust this people..

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by ezenaija(m): 7:56pm On Feb 28, 2017

ivandragon:
you kids are just simply too dull & cast in your blind ways.

go & do research on other regimes to gain a better understanding of the Nigerian system rather than letting propagandist pollute your little brains.

as for the excess crude oil account matter, Reno has succinctly addressed what those who are willingly to do research have always known.

bottom line is, there was surely corruption under GEJ, but it has been blown own of proportion & rather than opening your little mind to see/research beyond the 'noise', you simply regurgitate the trash & spew it out as gospel truth...

shouting corruption up & down as if it was not this same PMB who in 1984 allowed an Emir smuggle in over 50 bags of looted funds in Nigeria or the same PMB that said Abacha didn't steal or the same PMB that cannot account for revenues since June 2015....

well, I leave you to your ignorance.

You haven't written anything worthy of a response. It's clear that we are worlds apart.
Can any rational mind bring in Reno Omokri in an intellectual discourse on economy when I'm using opinions canvassed by Okonjo-Iweala, Oby Ezekwesili, Bismarck Rewane, Prof Charles Soludo, Financial Times, The Economist and other authorities. Isn't that madness?

REMINDER:
"The parallels with the Shagari regime are troubling. First, at the time of oil boom, Nigeria again went on a consumption spree such that the budgets of the last five years can best be described as ‘consumption budgets’, with new borrowing by the federal government exceeding the actual expenditure on critical infrastructure. Second, not one penny was added to the stock of foreign reserves at a period Nigeria earned hundreds of billions from oil. For comparisons, President Obasanjo met about $5 billion in foreign reserves, and the average monthly oil price for the 72 months he was in office was $38, and yet he left $43 billion in foreign reserves after paying $12 billion to write-off Nigeria’s external debt. In the last five years, the average monthly oil price has been over $100, and the quantity also higher but our foreign reserves have been declining and exchange rate depreciating."
PROF CHARLES SOLUDO, JANUARY 2015.
PROF Soludo CONTINUES
"If oil prices remain between 40- 60 dollars over the next two years, the current policy regime guarantees that foreign reserves will continue the precipitous depletion with the attendant exchange rate depreciation, as well as a probable unsustainable escalation in debt accumulation, fiscal retrenchment or taxing the private sector with vengeance. The scenario does not look pretty."

Yet Again He says
" The poor choices made by the current government have mortgaged the future, and the next government would have little room to manoeuvre and would inevitably undertake drastic but painful structural adjustments. Nigerians loathe the term ‘structural adjustment’. With falling real wages and depreciating currency, I can see any belated attempt by the government to deal with the bloated public sector pitching it against a feisty labour. I worry about regime stability in the coming months, and I do not envy the next team."

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by pressplay411(m): 3:31pm On Mar 03, 2017

4Play:
What the government ought to concentrate on is improving investor confidence and attracting forex inflows into the country. This is why Buhari's statist policies have made matters worse as they have the opposite effect. Attributing our difficulties almost entirely to GEJ's failure to save sufficient forex reserves for the Buhari government is an exercise in delusion.

Interesting.
How do you suggest Govt can achieve this?

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by 4Play(m): 7:27pm On Mar 03, 2017

pressplay411:
Interesting.
How do you suggest Govt can achieve this?

By adopting pro-market reforms: privatisation and deregulation. Primarily, the currency market needs pricing to be dictated by the interplay of supply and demand.

This is not by any means devoid of risks but would represent a big improvement on the status quo and improve investor confidence increasing forex inflows.

2 Likes

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by pressplay411(m): 8:16pm On Mar 03, 2017

4Play:
By adopting pro-market reforms: privatisation and deregulation. Primarily, the currency market needs pricing to be dictated by the interplay of supply and demand.

This is not by any means devoid of risks but would represent a big improvement on the status quo and improve investor confidence increasing forex inflows.

Have you considered the human factor in achieving this?
None of these is alien to govt. But at the end of the day even the best business plan is never going to work when the people you delegate it to are destructive.
I read a post on NL where a guy was so frustrated by how corruption has eaten deep into our very fibre across all levels. From the security at the gate, to the staff all the way up to the management.

Govt needs to tackle this first focusing on the executive and the judiciary before the implementation of your ideas can come to fruition.

Private organisations realise this, which is why unlike govt, they have sanctions to address malpractices immediately (as e dey hot).

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by 4Play(m): 10:06pm On Mar 04, 2017

pressplay411:
Have you considered the human factor in achieving this?
None of these is alien to govt. But at the end of the day even the best business plan is never going to work when the people you delegate it to are destructive.
I read a post on NL where a guy was so frustrated by how corruption has eaten deep into our very fibre across all levels. From the security at the gate, to the staff all the way up to the management.

Govt needs to tackle this first focusing on the executive and the judiciary before the implementation of your ideas can come to fruition.

Private organisations realise this, which is why unlike govt, they have sanctions to address malpractices immediately (as e dey hot).

If the delegatees cannot be trusted with the implementation of a process of privatisation/deregulation, they certainly cannot be trusted with the status quo which places the Nigerian government at the heart and centre of market function.

The reality is that the status quo is not working as it provides the highly-connected with lucrative arbitrage opportunities. A connected person can buy dollars at N305 at the official rate and sell it in the black market for N440. The highly connected use the government's interference in markets to channel profits towards themselves. NNPC for instance has historically been a lucrative conduit for theft.

Of course, reforms towards privatisation can be hijacked by government officials who sell state assets to themselves at substantial discounts to market value - nothing functions properly in Nigeria. But overall, less government intervention would constitute an improvement over what we have had over the last few decades.

4 Likes

Re: 1$ Equal #440 Today, An Evidence That Buhari Is A Failure by jahsharon: 12:15am On Mar 05, 2017

ERockson:
The result from new policy by Ag president Osinbajo has been positive resulting to the drastic fail in dollar, an evidence that Buhari is not competent to rule and it is his presidency that brought economic calamity to the country and not actually the stealing of the GEJ government.

No, it only means that you are not a true son of your father and that your mother should be taken to the shrine to confess where she got a nonentity like you. There is only one Presidency that consists of the President, the Vice President and the the team of support staff. This administration is called Buhari/Osinbajo administration, their synergy is second to none. So, go and find your true father and thereafter commit suicide.

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